Ryuk ransomware creators moved more than $1 million in Bitcoin via Binance

The Ryuk ransomware creators used the Binance cryptocurrency exchange to move $1 million. Forbes reports, citing cybersecurity experts who wished to remain anonymous.

Experts found that the Ryuk-linked group, over three years, sent from 13 different Bitcoin addresses $1,064,865 to Binance wallets. The last transaction took place this August.

“From 63 selected transactions totalling $5.7 million, more than $1 million were sent from the hackers’ wallets to several other addresses. Subsequently, the funds were deposited to Binance, which allowed the attackers to withdraw the ransom proceeds,” the report says.

The remaining $4.7 million remains on various off-exchange addresses. Overall, according to the FBI, victims paid the Ryuk creators $61 million.

In response to the publication’s request, Binance security specialists said that ‘anti-money laundering, ransomware and other malicious activities are part of their daily work.’ They added that they have a wide range of tools to detect suspicious activity.

“Unfortunately, when it comes to detecting illicit activity at the network level, it is far from always possible to draw unambiguous conclusions. The recipient may have no idea of the illicit source of funds,” Binance explained.

One expert, speaking on condition of anonymity, told the publication that fighting illicit activity represents a difficult compromise.

“If you tighten policy and procedures to create barriers for attackers, this negatively affects all legitimate users. There is no simple answer,” said the Forbes source.

Earlier this month, Ukraine’s Cyber Police said that Binance assisted in arresting criminals involved in laundering $42 million.

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